Investment banking expansion earns Jefferies an upgrade from Fitch

US bank's push in M&A and underwriting, which has shifted revenues from more risky trading work, has impressed analysts at the credit rating agency

By

Elizabeth Pfeuti

February 15, 2018 Updated: 11:51 a.m. GMT

Credit rating agency Fitch has upgraded US bank Jefferies and reaffirmed its stable outlook on the back of growth in advisory and underwriting, which shifted revenues away from "more volatile" sales and trading business.

In a note issued this week, Fitch said it had raised the company’s rating from BBB- to BBB.